Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX) by 5.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,553 shares of the textile maker’s stock after selling 734 shares during the period. Federated Hermes Inc.’s holdings in Skechers U.S.A. were worth $937,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Skechers U.S.A. in the 4th quarter worth $75,194,000. Vaughan Nelson Investment Management L.P. boosted its position in shares of Skechers U.S.A. by 62.6% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after purchasing an additional 474,524 shares during the period. Bain Capital Public Equity Management II LLC purchased a new position in Skechers U.S.A. in the 4th quarter worth about $25,681,000. Goldman Sachs Group Inc. raised its holdings in Skechers U.S.A. by 99.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 824,263 shares of the textile maker’s stock worth $51,385,000 after buying an additional 410,379 shares during the period. Finally, Coronation Fund Managers Ltd. lifted its stake in Skechers U.S.A. by 195.1% during the second quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock valued at $34,047,000 after buying an additional 325,653 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

SKX stock opened at $63.01 on Friday. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 0.94 and a beta of 1.23. Skechers U.S.A., Inc. has a 12 month low of $45.58 and a 12 month high of $75.09. The firm has a 50 day moving average of $65.30 and a two-hundred day moving average of $65.36. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 EPS. As a group, equities analysts anticipate that Skechers U.S.A., Inc. will post 4.17 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a share buyback program on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently issued reports on SKX. Wedbush boosted their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barclays increased their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. TD Cowen lifted their price target on Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Finally, Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $78.36.

Skechers U.S.A. Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.